PKN ORLEN makes settlements with banks regarding debt agreements

Polski Koncern Naftowy Spolka Akcyjna (“PKN ORLEN”, “Company”) hereby announces that on 27 April 2009 it signed settlements with the banks with which PKN ORLEN holds debt agreements for financing of its operations, the provisions of which could be violated referring to the debt ratio expressed as debt net/EBITDA on the day of publishing PKN ORLEN’s consolidated financial statements for 2008.

On the basis of the settlements, the banks have agreed to a temporary breach by PKN ORLEN of the financial ratios for the periods ended 31 December 2008 and ended 30 June 2009 acceptable by debt agreements. Thanks to that, the Company got back the possibility to use the unused debt limits within the frames of those agreements.

Under the settlements with the banks, PKN ORLEN has committed itself not to exceed the budgeted in 2009 level of investment expenditure and not to recommend to the Company’s shareholders the dividend payments until the Company achieves the debt level acceptable by the debt agreements. That action is consistent with PKN ORLEN’s dividend policy.

As remuneration for the banks signing the settlements, PKN ORLEN agreed to pay a one-off waiver fee and for an increase of debt margins from the day the settlements come into force. The increased debt margins do not exceed the level of 3.00 percent. The settlements come into force at the day of signing.

Due to the decrease in basic interest rates, PKN ORLEN expects that the total annual-average level of interest rates costs expressed in the financing currency in 2009 will not increase significantly in relation to the average interest rates for 2008.